1981-022PROMISSORY NOTE i
No. Buffalo Illinois ` April: 15th "v. 1981 Amounts 357,978.24
Aa- attached ordi>�ly� after-date, forvalue received, the undersigned Debtor s. jointly and severally, promise to pay to the
( ?'.creditor. ") ,
(hereinafter. called "Lender ") at its office in 2affaia Grwe Illinois:-
the sum of fihretu >�dredSiat�r5exsl��i%itialtse `Htlmc3r�d t 8f 1A1 v4tat"s
with interest thereon at the rate of. - 4. S per cent per annum from 4f I5i8t until maturity: payable
and with interest after maturity until paid at the rate of per cent per annum. , Interest shall be computed on the basis-of a - -day
year and charged for the'actual number of days elapsed. Debtors agree to p'ayreasonable attorneys' fees, costs andexpenses incurred by Lender
in the collection and enforcement of this Note.
To secure payment 60i note to Lender:and all other existing and future: indebtedness and obligations of Debtors, or any of them;' Debtors hereby
pledge and grant td Lender a security interest in the following
n property:
Secured by Ordinance 18I from the V=ase4 F Ruffil6l Grove
together with all other property of Debtors. or any of 'them, now or hereafter in -the possession of or pledged to Lender (all of such property being
hereinafter called "Collateral")
DISCLOSURE STATEMENT
1., Amount of Loan (Proceeds)., ... ......... 36 .7.378.24
�.._, ....... $
.. ..... .. .....
22..Other Charges r . 3 i
To be Paid in Cash To be Financed
Credit Life Insurance Premium ..................
Credit Disability Insurance Premium ............... ......... ............... $ $
Other: " $ $
TotalOther Amounts Financed ......... ...... ........ ................... ....... ...... ............... ..:.... ............ .............. ......... $ fir
(items not completed are inapplicable)
3. Less any prepaid FINANCE CHiGESS
Total prepaid FINANCE CHARGE .........
$
4. Amount Financed.(sum of 1 & 2 minus 3) ....... ...` ............. $ 35778.24
s: FINANCE CHARGE ............
....... ._.....
consists of: Service Charge... $ S: Security. This loan Is secured by a security 'interest in "the property'
Interest. . $ described "above. Lender's security Interest secures all other existing
and future indebtedness and obligations of-Debtors to Lender. This note -
Interest shall be computed on the basis of a -day year and charged grants Lender the right of Set -:Otf against and lien upon any. deposit.;
for the actual number of days elapsed. ", For purpose of computing finance moneys,i credits and other property held by Lender belonging to`Debtors
charge a demand, note is considered to have a maturity of one -half year.) and Guarantors (if any). A security interest in all of the goods. chattels
6. Total of Payments... .:,:..... ......... $ and personal property of Debtors is created-by the confession of
ANNUAL PERCENTAGE RATE. ono- judgment provision herein and a- security interest In all of the goods.
chattels and personal property of Guarantors (if any) is created by the
7. Payment Schedule: (Completed item is applicable) confession of judgment provision in the guaranty. on the reverse side'
❑$ 367.17&24' . hereof, Lender is hereby, granted I: security, interest din any insurance
payable , purchased in connection with this loan.
an per attnehed ordinance
-- 9. Prepayment Penalty, if any:
❑$ payable on demand.
10. Rebate of Unearned Interest upon Prepayment:
❑ Interest shat! cease to accrue on the amount of any prepayment. Any
unearned interest or insurance theretofore collected will be computed
proportionately and rebated when the loan is paid in full.
❑ Other.
ACCELERATION: If Debtors shall default in the payment, when due, of any amount payable on this Note or in the payment or performance of any other.
obligation or indebtedness due to Lender; or on the death or incompetency of any Debtor or Guarantor hereon; or if the Lender shall deem itself
reasonably insecure; or if any proceeding shall be instituted by or against Debtors, or any of them, or against any Guarantor hereon under any bankruptcy
or insolvency statute or for an arrangement; or if Debtors, or any of them, or any Guarantor hereon shall make an assignment for benefit of creditors; or If a
receiver shall be appointed for Debtors. or Debtors' business or property, then. upon the happening of any of the foregoing events, at the option of the
Lender, the unpaid balance of this Note including all accrued interest and' charges and all other indebtedness and obligations of Debtors to the Lenders.
shall become immediately due and payable without notice to or demand on Debtors. In the event of acceleration, Debtors shall be credited with the same
rebate of unearned Finance Charge -as for voluntary prepayment_
CONFESSION OF JUDGMENT: The Debtors, and each of them, hereby authorize irrevocably any attorney of any court of record to appear for any one or
more of them, in such court. in term time or vacation, after any default hereon and confess a judgment without process in favor of the holder hereof for
such amount as may appear unpaid hereon, together with costs of suit and reasonable attorneys' fees and to release and waive all errors that may
intervene and.consentt,o immediate execution thereon.' Notwithstanding any provision hereof or of applicable law, holder irrevocably waives and releases
all rights to make,a judgment confessed hereon a lien on any real property now or hereafter owned by the undersigned or in which the undersigned may
now or hereafter have an interest.
INSURANCE AGREEMENT"
insurance-is -- iot,r iredby Lender nor is it "a factor in approvabof the extension of gredit. No credit insurance is to be provided, unless the Debtor -
y signs the appropriate authorization below. Group Credit insurance is available for the term of the credit.at the costs shown above In item 2.
-I desire Credit Life and Disability Insurance. I I desire Credit Life Insurance only. ' I DO NOT want Credit Life or Disability Insurance.
(Date) (Signature) (Date) (Signature) (Date) (Signature)
(Date) (Signature) (Date) (Signature).:, (Date) (Signature)
DEBTORS AGREE THAT THE ADDITIONAL TERMS AND PROVISIONS ON THE REVERSE SIDE HEREOF SHALL CONSTITUTE APART OF
THIS NOTE AND SECURITY AGREEMENT AND ARE INCORPORATED HEREIN.
Debtors acknowledge receipt of a completed copy of this instrument and disclosure statement prior to consummation of the loan:
ADDRESSES SIGNATURE(S) OF DEBTOR(S)"
VILLAGE OF BMALO GROG
% :, _ . v Q0AJ Villages CIO-rk
BORROWER'S COPY
IRDDITIONAL TERMS AND PROVISION&
Without waiver of any remedies available hereunder. Lender, at its option, may, in the event the Collateral shall depreciatein value or become subject to
any adverse lien or encumbrance, demand and accept from Debtors and Debtors agree on demand to pledge and deliver to Lender new or additional
Collateral so that the aggregate of Collateral pledged from time-to time hereunder shall not be less in value than the Collateral first deposited hereunder.
The Lender shall-have exercised reasonable care in the Cu8t6dyand preservation.of the. Collateral if it-. takes such. action -for that purpds-e as Debtors shall
request in wrltfngbutthe failure to comply with any such request shall. not be deemed a failure to exercise.reasonable care. The Debtors shall have the
sole responsibility for taking•such steps as may be necessary from time to time to preserve all rigfifs of the Debtors and the Lender in the Coifaferal
against prior parties. The Lender may take such: action from time to time as it may deem appropriate to maintain or protect the, Collateral; and mayy, in
particular, (i) transfer the whole.oranyparf of the Collateral into the name of itself or its nominee; {ii) collect anyamounts due on the Collateral directly from
the persons obligated thereon; (iii) vote the Collateral; (iv) take possession and control of the Collateral and proceeds thereof; or (v) sue or make any
compromise or- settlement with respect to any of the Collateral
Upon the occurrence of any event of default, the parties shall have all of the rights and remedies provided by the Uniform Commercial Code including,
but not by way of limitation, the right of the Lender to sell, assign, lease or otherwise dispose of the Collateral, or any part thereof. Disposition of the
Collateral may be by public or private proceedings or sale. Unless the Collateral is of a type customarily sold in a recognized market, the Lender shall give
the Debtors at least. five- (5) days' prior written notice of the time and'place 6f-any, public sale thereof or the time after :which any private sale or any other
intended disposition is to be made. The Lender may buy at a Public sale, and if the Collateral is of a type customarily sold in a recognized market or is a
type which is the subject of widely distributed standard price quotations, the Lender may buy at a private sale. The net - proceeds realized upon any sale
or other disposition of the Collateral. after deducting expenses of the sale or other disposition and reasonable attorneys' fees and legal expenses incurred
by Lender, shall be applied to the payment of this note and -all otheOndebtedness and obligations of the Debtors to the Lender as the: Lender shall .elect;
Lender shall account to Debtors for any - surplus realized on such disposition, Debtors shall remain liable for any deficiency: which=Debtors; agree
to pay forthwith.
Demand.' presentment for payment and notice of dishonor are hereby waived by Debtors and all endorsers and guarantors hereon: tender is
authorized to appropriate and apply toward the payment of this note any indebtedness due or to become due from Lender to DP tor and all moneys.
Credit or'otherpropertybelonging to any or all of the Debtors. endorsers and guarantors at any time held by Lender. on deposit dr`othdeWise. and'Lender
is hereby granted a first lien upon such moneys, credits or other property All endorsers and guarantors consent that the time of payment may be
extended or renewal notes taken: by the holder hereof without notice -and that such extension or renewal shall not discharge their liability hereon.
GUARANTY
For value received, the undersigned.. jointly and severally, unconditionally guarantee the full and prompt payment of the within note; and agree to pay
all costs, expenses and attorneys fees incurred by holder in collecting the same and in enforcing this guaranty.
The undersigned agree that their liability hereunder shall in nowise be affected or impaired. nor shall any guarantor be discharged, in whole or part.
by any of the following occurrences; (1) the death, incompetency. insolvency. bankruptcy, liquidation, dissolution or`withdrawal of maker or of any
guarantor; or (2) renewal, refinancing or extension of the time of payment of any installment or installments of the within note or.of .any other indebtedness
of maker to holder; or (3) acceptance by holder of part payment of any installment of the within note; or (4) release, surrender, sale, exchange or
substitution by holder of all or any part of the collateral of maker or of any -other guarantor: or (5) release by holder of any one or more -of the undersigned
guarantors or acceptance of new and additional guarantors; or (6) failure_ of holder to perfect any security interest in the collateral of maker or of any
guarantor or to record or. register an lien or encumberance thereon; or ._
g g y (� unenforceability of any document or mslrumenf- executed'by maker.
It is expressly agreed -by the undersigned, and each of them, that it shall not be necessary for holder to Proceed first against the maker or any other
guarantor, or to have recourse to the collateral of maker or any other guarantor before proceeding to enforce this,guaranty or as a condition to payment or
performance of guarantors hereon. It .is further agreed that holder shall have the exclusive right to determine where, in what 'manner:and to 'which
indebtedness -all payment and credits, including the proceeds of. physical damage and credit insurance. shall be applied,
The undersigned, jointly and severally, hereby authorize. irrevocably, any attorney of any court of record to appear for the undersigned, or any of them
in such court, in term time or vacation, at anytime hereafterand-confess a judgment against the undersigned, or any of them, without process in favor of
the legal holder_of the within note for such:amount as may appear to be unpaid thereon, together with costs -of suit and- reasonable attorneys' fees,--and to
waive and release all errors that may intervene.and consent -to immediate execution thereon. Notwithstanding any provision hereof'or of applicable law,
holder irrevocably waive and._.releases, all rights to make .a judgment- confessed hereon a lien on any real property; now or hereafter owned by the
undersigned or in whfcltthe undersigned may now or hereafter have an interest._
The undersigned. jointly and severally, _waive demand, notice of dishonor. presentment for payments diligence in `collection, acceptande,of this
guaranty:and notice of any adverse change in the financial condition'of makeY or any guarantor or of any other fact that might.materially increase the risk
of tfje guarantors hereon. This guaranty ;shall be binding _upon 'the undersigned, jointly and severally. and upon the heirs, legal representatives,
successors and assigns of the undersigned, and of each of them, and shall inure to the benefit of holder. its successors and assigns. The validity and
construction of this guaranty shall be governed by the laws of the State of Illinois.
PROMISSORY NOTE
No. Buffalo @ luinois A1pril 15th 19 81 Amount $ 357,37$.24
AS ver atii ed arditlxa;rtCe after - -date, for value received, the undersigned Debtors, jointly and severally, promise to pay to the
,ti1r ,s- _)RIRa1s_ x creditor:'):
(hereinafter called "Lender ") at its office in -Buffalo 'Grow Illinois.
the sum of ThreentmdredSiat4Sa ThounindTtwee' Hundred Seventy 19 ate• 241i�t �--- ---- -- Dollars
with interest thereon at the rate of 6.5 per cent per annum from 4/15/81 until maturity, payable, ` SI xli
and with interest after maturity until paid at the rate of per cent per annum. Interest shaft be computed on the basis of a -day
year and charged for the actual number of days elapsed. Debtors agree to pray reasonable attorneys' fees, costs and expenses incurred by Lender
in the collection and enforcement of this Note.
To secure payment Q104i note to Lender. and all other existing and future indebtedness and obligations of Debtors, or any of them. Debtors hereby
pledge and grant to "Lender a security interest in the following property:
together with all other property of Debtors. or any of them; now or hereafter in the possession of or pledged to Lender (all of such property being
hereinafter called "Collateral ")
DISCLOSURE STATEMENT
1. Amount of Loan (Proceeds).. ...... ................. :.... .... $
b7,378.24
k
2. Other Charges r e•,,
To be Paid in Cash To be Financed
Credit Life Insurance Premium .......................... ............................... $ $
Credit Disability Insurance Premium .................. ............................... $ $
Other. $... $
Total Other Amounts Financed .......... ...................... .......................................... ............................... $
(Items not completed are inapplicable)
3. Less any prepaid FINANCE CH44RGES ,
Total prepaid FINANCE CHARGE .............................. ...............................
4. Amount Financed_(sum of 1 & 2 minus 3) ................... ...............................
5. FINANCE CHARGE ................................... .................. ...............
consists of: Service Charge ... $
Interest ................. $
Interest shall be computed on the basis of a--day year and charged
for the actual number of days elapsed. (For purpose of computing finance
charge a demand note is considered to have a maturity of one -half year.)
6. Total of Payments ....................................... $
ANNUAL PERCENTAGE RATE. %
7. Payment Schedule: (Completed item is applicable)
[Is 367.378.2 payable
as vet Attached ardiumim .
O$ payable on demand.
............................... $
........... ....................... .. ............................... $ 367.378.24
.............................................. ............................... $
8. Security. This loan is secured by a security interest in the property
described above. Lender's security interest secures; all other existing
and future indebtedness and obNgations of Debtors to Lender. This note
grants Lender the right of set -off against and lien upon any deposit
moneys, credits and other property held by'Lender belonging' -to Debtors
and Guarantors (if any) A security interest In all of the goods, chattels
and personal property of Debtors is created by the confession of
:judgment provision herein and a security interest in all of the goods.
chattels and personal property: of Guarantors (if any) is created by the
confession of judgment provision in the guaranty, on the reverse side
hereof. Lender is hereby granted a_ security., interest in any insurance
purchased in connection with this loan.
9. Prepayment Penalty, if any
10. Rebate of Unearned Interest upon Prepayment:
❑ Interest shall cease to accrue on the amount of any prepayment. Any
unearned interest or insurance theretofore collected will be computed
proportionately and rebated when the loan is paid in full.
❑ Other:
ACCELERATION: If Debtors shall default in the payment, when due. of any amount payable on this Note or in the payment or performance of any other.
obligation or indebtedness due to Lender; or on the death or incompetency of any Debtor or Guarantor hereon; or if the Lender shall deem itself
reasonably insecure; or if any proceeding shall be instituted by or against Debtors, or any of them, or against any Guarantor hereon under any bankruptcy
or insolvency statute or for an arrangement; or if Debtors. or any of them, or any Guarantor hereon shall make an assignment for benefit of creditors; or if a
receiver shall be appointed for Debtors. or Debtors' business or property, then. upon the happening of any of the foregoing events, at the option of the
Lender, the unpaid balance of this Note including all accrued interest and charges and all other indebtedness and obligations of Debtors to the Lenders,
shall become immediately due and,payable without notice to or demand on Debtors. In the event of acceleration, Debtors shall be credited with the same
rebate of unearned Finance Charge as for Voluntary prepayment
CONFESSION OF JUDGMENT: The Debtors, and each of them, hereby authorize irrevocably any attorney of any court of record to appear for any one or
more of them, in such court. in term time or vacation, after any default hereon and confess a judgment without process in favor of the holder hereof for
such amount as may appear unpaid hereon, together with costs of suit and reasonable attorneys' fees and to release and waive all errors that may
intervene and ,consent .to immediate execution thereon. Notwithstanding any provision hereof or of applicable law, holder irrevocably waives and releases
all rights to make-a judgment confessed hereon a lien on any real property now or hereafter owned by the undersigned or in which the undersigned may
now or hereafter have an interest.
INSURANCE AGREEMENT
�Eedit-insurance_is u-n - required.by Lender nor is it a,factor in approval of the extension of credit. No credit insurance is to be provided unless the Debtor
signs the appropriate authorization below. Group Credit insurance is available for the term of the credit at the costs shown above in item 2.
1 desire Credit Life and Disability Insurance. I I desire Credit Life Insurance only. I I DO NOT want Credit Life or Disability Insurance.
(Date) (Signature)
(Date) (Signature)
(Date) (Signature)
(Date) . (Signature) (Date) (Signature) I (Date) (Signature)
DEBTORS AGREE THAT THE ADDITIONAL TERMS AND PROVISIONS ON THE REVERSE SIDE HEREOF SHALL CONSTITUTE A,, PART OF
THIS NOTE AND SECURITY AGREEMENT AND ARE INCORPORATED HEREIN.
Debtors acknowledge receipt of a completed copy of this instrument and disclosure statement prior to consummation of the loan.
ADDRESSES SIGNATURE(S) OF DEBTOR(S)
VILLAGE OF BUFFALO GROVE
g , ' � 44AAge President
$ -`.1, t r . Pillage Clerk
BORROWER'S COPY
}
TO: William R. Balling
FROM: William H. Brimm
DATE: April 28, 1981
SUBJECT: Dundee Road (}Fire Station Loan
I am pleased to present the attached Ordinance authorizing
the borrowing of funds from the Bank Of Buffalo Grove, for
the assumption of the original mortgage note on the Dundee
Road fire station. Through discussions with Mr. George
Miller at the Bank, he is willing to abide by our request
to extend the original Buffalo Grove Fire Department, Inc/
Wheeling Fire Protection District loan, seven years beyond
the original due date to May 1, 1990. Also, despite
historically high rates, he will hold the current rate
of 6.50% throughout the life of the loan. This creates
a significant savings potential compared to the prevailing
standard of 700 of prime rate floating upon change. To
obtain a comparable rate of 6.50% under this formulation,
prime would have to decrease to approximately 9.25 %, which
is highly unlikely in the near term of this lending
arrangement.
In conclusion, based on the willingness of the Bank Of
Buffalo Grove to assist the Village in this matter, I
would recommend acceptance of this Ordinance by the President
and Board Of Trustees on May 4, 1981. Upon execution,
the proper transfer of titles and other ownership documents
will take place.
rf
!l
1
a
Bank of Buffalo Grove
10 EAST DUNDEE ROAD
BUFFALO GROVE, ILLINOIS 60090
AREA CODE 312 537 -3900
April 23, 1981
Mr. William Brimm
Village of Buffalo Grove
50 Raupp Blvd.
Buffalo Grove, I1 60090
Re: Fire station, 505 W. Dundee
Dear Mr. Brimm:
This is to inform you that the Bank of Buffalo Grove has approved
the loan request from the Village of Buffalo Grove for repayment
of the outstanding balance on above captioned property of Wheeling
Township Rural Fire Protection. It is also agreed that the new
loan to the Village of Buffalo Grove for existing balance of
$367,378.24 will be repayed as per Section 2 of Ordinance No. 81
agreement.
If you have any questions, please do not hesitate to call.
Sincerely,
.!/ George R. Mi 1 er
president
GRM: sh
ORDINANCE NO. 81 - 22
AN ORDINANCE AUTHORIZING THE BORROWING OF
MONEY FROM THE BANK OF BUFFALO GROVE
WHEREAS, the Village of Buffalo Grove is a Home Rule unit by virtue
of the provisions of the Constitution of the State of Illinois of 1970; and
WHEREAS, by an agreement dated May 19, 1980 between the Village of
Buffalo Grove and the Wheeling Township Rural Fire Protection District, the
District will convey to the Village title to the land and building, commonly
known as the Dundee Road Fire Station; and
WHEREAS, it is deemed advisable and necessary for the best interests
of the residents of the Village of Buffalo Grove to borrow money to retire the
debt on the Dundee Road Fire Station; and
WHEREAS, the Bank of Buffalo Grove has offered.to loan funds to the
Village in an amount not to exceed $367,378.24 at an interest rate of 62i; and
WHEREAS, pursuant to the provisions of Section 6(a) of Article VII, of
the Constitution of Illinois of 1970, the Village as a Home Rule unit is
authorized to incur debt.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS as follows:
SECTION L. :t is hereby determined that it is essential and in the
public interest that the Village borrow $367,378.24 from the Bank of Buffalo
Grove pursuant to its Home Rule power.to retire the debt on the Dundee Road
Fire Station.
SECTION 2. Repayment of the amount borrowed shall commence on November 1,
1981 and shall be repaid over a period not to exceed 10 years. Payments shall
be made every six months until the amount borrowed is repaid. The amount
borrowed shall bear interest at the rate of 62% per annum from April 1, 1981
on the unpaid balance due from time to time and each six month payment shall
include interest. All interest shall be computed for the actual number of
days elapsed on the basis of a year consisting of 360 days. The Village shall
have the privilege of prepaying in multiples of $1,000 at any time.
6
SECTION 3. Repayment of the amount borrowed is to be paid in semi - annual
installments beginning on November 1, 1981 as follows:
Date Paid
Days
Principal Reduction
Interest Payment
Total
Balance
11/1/81
184
11,500.00
12,204.72
23,704.72
355,878.24
5/1/82
181
12,000.00
11,631.06
23,631.06
343,878.24
11/l/.82
184
21,500.00
11,424.56
32,924.56
322,378.24
5/1/83
181
21,500.00
10,536.01
32,036.01
300,878.24
11/1/83
184
21,500.00
9,996.72
31,496.72
279,378.24
5/1/84
182
21,500.00
9,180.08
30,680.o8
257,878.24
11/1/84
184
21,500.00
8,567.04
30,067.04
236,378.24
5/1/85
181
21,500.00
7,725.08
29,225.08
.214,878.24
11/1/85
184
21,500.00
7,139.20
28,639.20
193,378.24
5/1/86
181
21,500.00
6,320.52
27,820.52
171,878.24
11/1/86
184
21,500.00
5,709.52
27,209.52
150,378.24
5/1/87
181
21,500.00
4,914.15
26,414.15
128,878.24
11/1/87
184
21,500.00
4,281.68
25,781.68
107,378.24
5/1/88
182
21,500.00
3,528.98
25,028.98
85,878.24
11/1/88
184
21,500.00
2,853.84
24,353.84
65,378.24
5/1/89
181
21,500.00
2,103.22
23,603.22
42,878.24
11/1/89
184
21,500.00
1,424.16
22,924.16
21,378.24
5/1/90
181
21,378.24
698.66
22,076.90
0
SECTION 4. The payments required under the terms of this ordinance shall
be a.general obligation of the Village of Buffalo Grove. The Village shall take
all necessary action to appropriate funds as are necessary to make the principal
and interest payments required under this ordinance.
SECTION 5. The President, Clerk and Treasurer of the Village are authorized
and directed to sign all necessary documents to effect the borrowing.
SECTION 6. This ordinance shall be in effect immediately upon its passage.
AYES: 5 - Marienthal, O'Reilly, Hartstein, Gerschefske, Schwartz
NAYES: 0 - None
ABSENT: 1 - Stone
PASSED: May 4 1981.
APPROVED: May 4 1981.
ATTEST:
nz�
V�age Clerk
-2-
J
Vilpage President
VILLAGE OF BUFFALO GROVE
ORD I NANCE NO. �a.)
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GROVE
TH IS DAY OF _� 19
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook and Lake Counties, Illinois,
this t._ day of 19....
1
r
r '
ORDINANCE NO. 81 - 22
AN ORDINANCE AUTHORIZING THE BORROWING OF
MONEY FROM THE BANK OF BUFFALO GROVE
WHEREAS, the Village of Buffalo Grove is a Home Rule unit by virtue
of the provisions of the Constitution of the State of Illinois of 1970; and
WHEREAS, by an agreement dated May 19, 1980 between the Village of
Buffalo Grove and the Wheeling Township Rural Fire Protection District, the
District will convey to the Village title to the land and building, commonly
known as the Dundee Road Fire Station; and
WHEREAS, it is deemed advisable and necessary for the best interests
of the residents of the Village of Buffalo Grove to borrow money to retire the
debt on the Dundee Road Fire Station; and
WHEREAS, the Bank of Buffalo Grove has offered to loan funds to the
Village in an amount not to exceed $367,378.24 at an interest rate of 61%; and
WHEREAS, pursuant to the provisions of Section 6(a) of Article VII, of
the Constitution of Illinois of 1970, the Village as a Home Rule unit is
authorized to incur debt.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS as follows:
SECTION 1. It is hereby determined that it is essential and in the
public interest that the Village borrow $367,378.24 from the Bank of Buffalo
Grove pursuant to its Home Rule power.to retire the debt on the Dundee Road
Fire Station.
SECTION 2. Repayment of the amount borrowed shall commence on November 1,
1981 and shall be repaid over a period not to exceed 10 years. Payments shall
be made every six months until the amount borrowed is repaid. The amount
borrowed shall bear interest at the rate of 61% per annum from April 1, 1981
on the unpaid balance due from time to time and each six month payment shall
include interest. All interest shall be computed for the actual number of
days elapsed on the basis of a year consisting of 360 days. The Village shall
have the privilege of prepaying in multiples of $1,000 at any time.
SECTION 3. Repayment of the amount borrowed is to be paid in semi-annual
installments beginning on November 1, 1981 as follows:
Date Paid Days Principal Reduction Interest Payment Total Balance
11/1/81
184
11,500.00
12,204.72
23,704.72
355,878.24
5/l/82
181
12,000.00
11,631.06
23,631.06
343,878.24
11/1/82
181E
21,500.00
11,424.56
32,924.56
322,378.24
5/1/83
181
21,500.00
10,536.01
32,036.01
300,878.24
11/1/83
184
21,500.00
9,996.72
31,496.72
279,378.24
5/1/84
182
21,500.00
9,180.08
30,680.08
257,878.24
11/1/84
184
21,500.00
8,567.04
30,067.04
236,378.24
5/1/85
181
21,500.00
7,725.08
29,225.08
214,878.24
11/1/85
184
21,500.00
7,139.20
28,639.20
193,378.24
5/1/86
181
21,500.00
6,320.52
27,820.52
171,878.24
11/1/86
184
21,500.00
5,709.52
27,209.52
150,378.24
5/1/87
181
21,500.00
4,914.15
26,414.15
128,878.24
11/1/87
184
21,500.00
4,281.68
25,781.68
107,378.24
5/1/88
182
21,500.00
3,528.98
25,028.98
85,878.24
11/1/88
184
21,500.00
2,853.84
24,353.84
65,378.24
5/1/89
181
21,500.00
2,103.22
23,603.22
42,878.24
11/1/89
184
21,500.00
1,424.16
22,924.16
21,378.24
5/1/90
181
21,378.24
698.66
22,076.90
0
SECTION
4. The
payments required under the terms of
this ordinance
shall
• be a.general
obligation
of the Village of
Buffalo Grove.
The Village shall take
all necessary action
to appropriate funds
as are necessary
to make the principal
and interest
payments
required under this
ordinance.
SECTION
5. The
President, Clerk and
Treasurer of the
Village are authorized
and directed
to sign
all necessary documents to effect the
borrowing.
_ SECTION
6. This
ordinance shall be
in effect immediately
upon its passage.
AYES: 5 - Marienthal, O'Reilly, Hartstein, Gerschefske, Schwartz
NAYES: 0 - None
ABSENT: 1 -
Stone
PASSED:
May
4 1981.
APPROVED:
May
4 1981.
`
Village President
ATTEST:
V lage
Clerk
-2-